For the third consecutive session, the dollar continues to weaken versus the rupee.

The Pakistani rupee strengthened significantly on Tuesday as the US dollar fell for the third consecutive session.The dollar fell Rs3.20 versus the rupee on Tuesday and was trading at Rs234 in the interbank market as of 10:30 a.m., following multiple sessions of continuous losses in the previous trading week.

Only two days into the trading week, the dollar has lost Rs5.15 in the interbank market.The local currency finally halted its losing skid against the dollar on Friday, the penultimate trading day of the previous week, following 15 consecutive sessions of depreciation.

Despite disastrous rains wreaking havoc on Pakistan’s economy, the rupee came dangerously close to setting a record low of 240 versus the dollar.According to Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha, the market appears to be reacting to PML-N leader Ishaq Dar’s presence and the announcement that he will replace Miftah Ismail as finance minister.

Dar has returned to Pakistan after a five-year self-imposed exile in London to “assist” the government in its efforts to resuscitate a cash-strapped economy by taking over the finance ministry’s major position.

Apart from Dar’s remark, Paracha highlighted that market participants were also noticing political stability, after PTI Chairman Imran Khan stated that he may return to parliament if the claimed cypher carrying threatening words behind his government’s dismissal is investigated.

The ECAP general secretary also stated that the World Bank’s declaration regarding repurposing funds, the International Monetary Fund’s (IMF) promises to assist Pakistan, and the Asian Development Bank’s assistance have all raised market expectations.